U.S. formally initiates investigation of China

Top trump strategist Steve Bannon and former White House Chief of Staff Reince Priebus

Lighthizer's decision to officially launch the investigation after collecting opinions from various circles signaled that a trade war began between the USA and China on a full scale.

It saidChina will "closely monitor the progress of the investigation and will take all appropriate measures to safeguard its legitimate rights and interests".

"So it could be the start of a back-and-forth that might result in a trade war", he said. "Until somebody solves the part of the equation that shows me that 10 million people in Seoul don't die in the first 30 minutes from conventional weapons, I don't know what you're talking about, there's no military solution here, they got us", Bannon said.

Chinawarned "there is no victor in a trade war" after President Trump's chief strategist called for taking a tougher economic stand against the country, according to a report on Thursday. He said he had been actively pressuring within the Trump administration for the imposition of tough restrictions against China's trade. "And we have to be manically focused on that".

For good reason, according to advocates of more measured approaches to dealing with China, who argue that an economic war would hurt everyone. If you want to be sure the near-term pain a trade battle would impose on USA workers will prove worthwhile in the long run, you'd better have allies - both political and military. To the extent that Mr. Bannon cares about North Korea, administration officials said, it is because he views it as an impediment to that effort. China has been a member of the organization since 2001.

IP theft is a threat to the US economy and its workforce. In 2016, the U.S. had a trade deficit with China of almost $310 billion (268.7 billion euros). "If we continue to lose it, we're five years away, I think, ten years at the most, of hitting an inflection point from which we'll never be able to recover", Bannon said in response to a question.

World XI confirmed to play T20s in PakistanSethi told the media that Sri Lankan team agreed to visit Pakistan after much consultation and effort of PCB. He also stated that talks with Sri Lanka Cricket (SLC) were still on over the number of games to be played.

Stephen Bannon, the nationalist ideologue who is Trump's chief strategist, said in an interview that there was "no military solution" in the Korean Peninsula and that he might consider a deal in which US troops withdrew from South Korea in exchange for a verifiable freeze in the North's nuclear program.

Ninety percent of the problems in the global trading system stem from China, according to the Information Technology and Innovation Foundation (ITIF), a US think tank.

By focusing specifically on alleged Chinese theft of US intellectual property, the Trump administration is acting on a complaint expressed by a wide array of American companies that do business in China.

An individual outside government who met recently with Bannon described him ordering up voluminous dossiers about China from various government agencies in recent weeks, possibly to prepare for Trump's trade action this week. Government subsidies and cheap loans encouraged Chinese factories to overproduce steel, aluminum and other products, driving down global prices and putting USA and other firms out of business.

"We urge the United States to respect facts, respect wishes from businesses of both countries for cooperation, respect multilateral rules, and act with prudence", the spokesperson said.

The US has launched a probe into China's alleged intellectual property theft, despite concerns over potential harms to Beijing and Washington's trade ties.

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